Advancing Global Innovation Metrics: A Comprehensive Country Ranking Using the Novel LOPCOW-CoCoSo Model

Abstract

In today's rapidly evolving world, innovation plays a crucial role in a country’s economic well-being. This research presents a new approach to assessing and ranking nations based on their innovation capabilities. Using a wide range of indicators from the OECD guidelines, the study examines various aspects of innovation, such as research and development (R&D), collaboration, and the economic impact of innovative efforts. The study uses the LOPCOW method to carefully weigh these indicators and the COCOSO method to systematically classify countries. This comprehensive analysis highlights global innovation competencies. Our results reveal clear patterns in global innovation. We see that traditionally innovative countries continue to be ahead. In addition, the methodology used covers specific criteria that involve not only the development of new technologies, but also the improvement of the production process and innovations in services and policies. It ensures comprehensive coverage and represents national innovation capabilities in multiple dimensions. Therefore, the presented research validates the efficiency of the integrated LOPCOW-COCOSO method in sorting countries according to the level of innovation and provides useful insights for policymakers, industry leaders, and researchers.